New commercial real estate development significantly contributes to the U.S. economy, creating jobs, generating earnings, and boosting national and state economies, according to the Economic Impacts of Commercial Real Estate research study conducted annually by the NAIOP Research Foundation.
The report, produced in conjunction with the Leeds School of Business, Dodge Construction Network, and NCREIF, stated the combined economic contributions of new commercial building development and the operations of existing commercial buildings in 2024 resulted in direct expenditures of $898.5 billion.
The overall impact on the U.S. economy included a contribution of $2.5 trillion to U.S. GDP, generation of $862.5 billion in personal earnings, and support of a total of 14.2 million jobs. The data also revealed that each $1 of construction spending generated a total value of $2.95 to the economy.
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